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Naked Insurance – a new type of insurer that bares all

Okay we confess, we went to the launch of Naked Insurance in Johannesburg not expecting to be wowed.

Let’s be honest, not very many people get excited about insurance because everything about it is a hassle.

That said Naked Insurance is hoping to shake up the sector with the launch of its car insurance offering. Nothing major really until you realise you never have to speak to another person or fill in another form with a pen. The most exciting part is that you can get your car insured in under three minutes.

Naked does everything through an app on your smartphone. And when we say everything we mean everything. Application, acceptance of quotation, claims and more is done right from the app.

“We did consulting for a number of insurance companies prior to starting Naked. We were helping them adapt to the online space,” co-founder of Naked Alex Thomson said at the launch in Johannesburg earlier today.

Full frontal. The Naked Insurance team.

The co-founder adds

that the problems he encountered led to frustrations and instead him and fellow actuaries Sumarie Greybe and Ernest North decided to do something to disrupt the insurance sector.

“We realised that to fix these problems we needed to change how we make money, to remove the inherent conflicts of interest,” said Thompson.

How does it work?

Firstly you’ll need to head to the Naked Insurance website (which is a tad slow at time of writing) and download the app for iOS or Android.

Once downloaded you can log in and start insuring vehicles.

To do that you simply need to select the year, make and model of your vehicle, answer a few questions and in a matter of moments you have a quotation.

This made possible with artificial intelligence. Simply put Naked is able to check your identity (so that you aren’t trying to swindle them out of money through fraud) using databases from existing sources such as eNATIS and databases from Trans Union.

The insurance itself is underwritten by Hollard Insurance.

Naked clients can also put their accident cover on hold when they aren’t driving the vehicle. So if you park your car at the airport for a week your premium will actually be lower while you aren’t driving your car.

Where Naked differs from other insurers is that it is very open about where your money goes.

A portion of premiums is used to keep the lights on at Naked and the rest is put into a fund which will dispense claims as and when necessary. At the end of the year should there be any money left in that fund it will be donated to charities nominated by Naked users.

“We are proud to kick off a new generation of insurance that offers unprecedented user-control, value for money and customer fairness at its core – all the while making a positive change to society,” concluded Thomson.

From the launch today we have high hopes that Naked inspires a change

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